COVID-19 impact: Paytm Payouts processed over Rs 1,500 cr in salaries
Mumbai/UNI: India’s leading financial services company Paytm on Monday said that it has processed over Rs 1,500 crore in salaries and other benefits for medium and large enterprises Paytm Payouts, the digital money transfer service has become a must-have tool for businesses that make regular payments to their employees, vendors and business partners.
During this ongoing lockdown, over 5,000 companies have used Paytm Payouts to pay salaries & food allowances to employees, incentives & rewards to housekeeping, labourers & other contractual staff; and even for expenses like utility bills of their offices.
Launched this year, Paytm Payouts offers APIs or Paytm for Business Dashboard to make bulk payments to Bank Accounts, UPI addresses, and Paytm Wallets instantly.
Within 3 months of lockdown, Paytm Payouts has transferred over Rs. 1500 crores either to the Paytm wallet, food wallet, gift voucher, or bank account of millions of beneficiaries. Companies like Pidilite Industries, Schneider Electric and Havmor Icecreams Pvt Ltd use the service to transfer money to their employees, vendors and business partners such as masons, painters, carpenters, electricians, sellers, etc., company release said.
Narendra Yadav, vice-president - Paytm said, “During the ongoing lockdown, we have witnessed that more organisations are relying on digital money transfers to pay salaries & other benefits to their employees, vendors, and business partners. Paytm Payouts is a unique product that minimizes their tasks of tracking and reconciliation of different payments.
' Now, they can manage all payments from the unified platform for all payouts. Going forward, we will continue to work closely with our partners to understand their needs and offer them a more customized solution. We are expecting 100 pc growth, both in the number of transactions & volume by the end of this fiscal year.”
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